Markets extend gains; oil, bank,metal shares rally

Benchmark indices have extended gains hitting fresh intra-day highs as fresh buying in oil shares has added to the momentum generated by the gains in financials, metal and information technology major Wipro.  
 
At 10:12AM, the 30-share Sensex was up 192 points at 28,313 and the 50-share Nifty was up 51 points at 8,565.
 
In the broader market, both the BSE Midcap and Smallcap indices have performed better than the front-liners with gains of 0.9% each.  Market breadth in BSE is positive with 1,464 advances against 505 declines.  
 

Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 1,100 crore on Friday, as per provisional stock exchange data.

 
Buzzing Stocks
 
11 out of the 12 sectoral indices of BSE are in green. BSE Consumer Durables index has surged over 2% and is the top gainer followed by BSE Healthcare, Capital Goods and Realty indices gaining over 1% each.  BSE Bankex and Metal index have gained around 1% each while BSE Oil & Gas and Power indices have gained around 0.7% each.
 
IT stocks are trading missed after gaining in opening deals led by the strong gains in Wipro which has surged around 7% post its better-than-expected third quarter earnings on the back of dollar revenue growth.  TCS and Wipro however are under pressure and trading lower by 0.2% each after paring early gains.

 
Shares of HCL Technologies has rallied nearly 6% in early morning trade after information technology (IT) company announced plans to issue bonus shares.
 
RIL has gained over 1% after paring early losses. According to media reports, the company will commission all of its 1400 fuel retail outlets in a year's time and plans to replicate the success of 2006 in the fuel retail segment by mopping up a market share of 14.3 per cent in high speed diesel and 7.2 per cent in petrol. From oil and gas space, ONCG has gained around 0.8% while GAIL has gained over 2%.

 
Banking stocks are trading higher. HDFC Bank has gained around 1%. The private sector bank now figures in a list of the top 50 global banks in terms of market capitalisation along with SBI.  Mortgage lender HDFC has gained around 0.2%. ICICI Bank is up 1.2%, SBI is up 0.3% and Axis Bank has gained around 0.1%.  
 
Metal stocks are trading firm. Tata Steel and Sesa Sterlite have gained around 1% each while Hindalco has gained around 2%.  
 
Among prominent losers, ITC has shed around 0.5% and FMCG major HUL has declined around 1%.